Bilateral trade potential of Pakistan and Turkiye $5bn: FPCCI
KARACHI: Irfan Iqbal Sheikh, President FPCCI, has said that the true bilateral trade potential of Pakistan and Turkiye is $5 billion at the moment; and, the signing of Pakistan – Turkiye Trade in Goods Agreement has paved the way for the realization of the potential.
He categorically rubbished the claims doing the rounds in some news articles that private-sector of Pakistan was not consulted on the recently signed and well-anticipated Pakistan and Turkiye, i.e. Pakistan - Turkiye Trade in Goods Agreement.
He emphasized that we should be careful in giving press statements pertaining to the very crucial, historical, brotherly and economically significant Pakistan - Turkiye relations.
FPCCI Chief has also expressed his satisfaction over the fact that Pakistan - Turkiye Trade in Goods Agreement, has been signed between the two governments; in the presence of the commerce ministers of the two counties in a high-profile ceremony. Being the apex body, FPCCI represented the entire business community of the country on the auspicious occasion.
He apprised that in FY22, the bilateral trade volume between the two brotherly countries has crossed the psychological barrier of $1 billion after a long hiatus of ten long years and has climbed up to $1.1 billion per year.
Therefore, he is optimistic; the bilateral trade volume is expected to get a major boost in the years to come and has the potential to touch the $5 billion mark in a matter of a few years. He further added that Pakistani exporters should target value-added textiles; sports goods; surgical equipment; rice, fruits & vegetables and construction materials.
Amjad Rafi, Chairman of FPCCI’s Pakistan-Turkey Joint Business Council (PTJBC), has explained that a very rigorous and regular consultative process was going on in the federal ministry of commerce for a period of one and a half years; and, stakeholders from the business, industry and trade community of Pakistan was duly and thoroughly consulted.
Copyright Business Recorder, 2022
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